RABBIT HOLE RECAP #420: ACCELERATE

What's up freaks? This rep of R.H.R. is brought to you by good friends at Strike. If you hold Bitcoin, you shouldn't have to sell it to access liquidity. Strike offers Bitcoin-backed loans with zero origination fees, zero early repayment fees and zero liquidation fees. Your Bitcoin is securely held in return within a business day after your loan is closed. A financial institution built by Bitcoiners for Bitcoiners. That's what Strike is building. They're doing it for you. I use it every day. Go download Strike at Strike.me and use code R.H.R. for $500 in fee-free Bitcoin stacking. Again, that's Strike.me. Use the code R.H.R. You're gonna get $500 in fee-free Bitcoin stacking. This episode, again, is sponsored by Strike. This rep was also brought to you by our good friends at Stackwork. If you're looking for a great way to make KYC-free sats, Stackwork has bounties. Go to Stackwork.ai. Find their bounties page and contribute to the bounties. You can make Bitcoin KYC-free for completing the bounties. If you're a developer looking to scoop up some easy sats, go check out the bounties, contribute to them, and stack some sats. Stackwork.ai. This rep was brought to you by our official electrolyte sponsor here at R.H.R. Salt of the Earth. You've been hearing Matt and I talk about it quite a bit. I drink multiple packets of it a day. You gotta stay hydrated. That's why my face looks so good. That's why I'm getting buff. I'm able to get to the gym more because I'm hydrated. Matt, he's looking incredible. I'm sure you've all noticed it. You wanna know why? Salt of the Earth, baby. Go to DrinkSauté.com. Use the code R.H.R. You're gonna get 15% off. I'm dead serious. It hasn't made my life way better. My wife, she's right behind me right now laughing, but she's laughing because she knows it's true. She drinks like seven a day. I drink a few a day, maybe seven a day too. Matt, I don't even wanna tell you how much he's drinking. It's good. It keeps you hydrated. It keeps you alert. Keeps you ready to go. DrinkSauté.com. That's DrinkSauté.com. Use the code R-H-R for 15% off any order. You've had a dynamic where money's become freer than free. When you talk about a Fed just gone nuts, all the central banks going nuts. So it's all acting like safe haven. I believe that in a world where central bankers are tripping over themselves to devalue their currency, Bitcoin wins. In the world of fiat currencies, Bitcoin is the victor. I mean, that's part of the bull case for Bitcoin. If you're not paying attention, you probably should be. You probably should be. F*** doggy. Final Final. Have you ever been to that bar in San Francisco? No. It sounds familiar, though. Great dive bar. Great dive bar. Good name. Do you know what the origin of the name is? It's like you go to the bar and you have a Final Final. It's like where you have your nightcap. But it keeps going? Yes. It was actually one of my dad's favorite terms. Let's have a Final Final. You wind up having like five Final Finals. That's not easy. Last one. Yeah. What a week. What do you think about our boy Leopold getting taken out behind the woodshed? Dude, this has always been a game of survival. I feel like people don't appreciate it until someone blows the f*** up and then everyone forgets about it. And it just always happens. You know, like if you're like... If you're investing in any size, you just see people just constantly just blow up around you, right? Just like they're a boy wonder one sec and then they're losing $40 billion with next... $45 billion. Selling at the Citadel. I mean, he definitely just got margin hunted by the Wall Street behemoths. They got him. Just cough it over to us. Wild. I think he's doing okay. This is the biggest story of the day. I think he's doing okay. He's probably doing okay. I mean, his wife alone is doing great. Yeah. Right? Is she at Anthropic? Yeah. Well, actually, they're tracking the price of their private valuation right now on those secondary market trackers. It's going down a little bit. Maybe on the... Yeah. To people who don't know, he was like... Yeah, what they were calling him, the boy wonder. The fund was called Situational Awareness. It's a hilarious name after you get blown the f*** up. And he was able to raise a s*** ton of money on the AI trade. So that's like the other question. Yeah, but people conflate the two, right? Like part of it was he was up in profit. But, you know, they... It was never clear cut how much was raised versus how much was up, right? Yeah. You know, they're like, how did he turn... At one point, I mean, this was earlier, right? Now he's lost 40 plus billion. At one point, like I was seeing tweets like, oh, how did he turn 250 million into 1.5 billion or 5 billion or whatever? Well, part of that was raising new capital. Yeah. Is the fund under or just sell his position, licking his wounds and getting ready to... I don't think anyone really knows. This is all leaks, right? It's not... They're a hedge fund. It's not public information, at least not yet. No. No. Leverage. Forex leverage, I said. I mean, even the Citadel news is... Like that's a Wall Street Journal exclusive rumor, basically. Like none of that is... I mean, it probably is what happened, but none of that is confirmed. But yeah, leverage, man. Leverage always kills you. Feels good on the way up. Gotta stay humble or be humbled. Porn some out for any Korean freaks who started trading on the list. Porn some leverage. When the memory stocks went up, it seems like it's a pretty big retail bloodbath over there. Brutal. Stamble stack sides. That's repetitive, but true. We've been saying it for eight years. Survive. Survive. It's the name of the game. It's the name of the game. And supposedly, I guess, Leopold... I didn't know this until he blew up, but did you know that he was XFTX? I did. It's not a... That's something that was always at the top of my mind, but yeah. But he wasn't like a main character at FTX. No. It was a gaggle of characters, though, there. It wasn't a main character, but it was part of the gaggle of characters. The real winner remains fucking Sam Trabucco or whatever. Yeah. He's still just like yachting around, right? Yeah. He's still like a guy. Slobbingly yawning around the Mediterranean, you know? Wild. Nothing ever happened to him, right? No, he got out like six months before the collapse. Yeah. He's like, I'm going to take some quiet time to myself. In reality, he's looking at the books. Like, this isn't going to end well. I'm out of here. I'll take my cash and buy a yacht. Speaking of which, if you have one Bitcoin, you're probably not going to be able to buy a yacht yet. It's 64,760 cuck bucks. We're at 1,544 sats per cuck buck. We're at a $1.3 trillion market cap. We're looking at block height 960,281, which means we did have a difficulty adjustment between last week's rip and this week's rip. It was a downward adjustment, I believe. Let me find it here. It was down 0.7%. We're currently 1,351 blocks. Away from the next difficulty retarget, estimated to be on August 9th. So that'll be a week from Monday, I believe. Looking like a negative 2.2% adjustment right now. Blocks be coming in at 10 minutes and 16 seconds on average. Clark's teeny weeny mempool is a little endowed this week. Looking at 7,600 transactions there. If we go over to mempool.space, we'll see they have 86,000. 317 transactions. And looking to get in the next block, four sats per vbyte. It's the state of the network. And we've got some corrections to open up with, Matt. We were speaking up. He actually technically said, I don't have to issue a correction, but I'm going to do it anyway. Why? Uh, because why not? I mean, facts are important. So Jonathan Beer, most famously known as BitMEX Research Online. Listened to RHR last week. We were talking about BitMEX and Maelstrom and Farsight Insights. So this is, here's the facts. He reached out to me on Signal after listening to RHR 419. The Arthur Hayes family office is called Maelstrom. It is a family office for investments, not specifically for dev funding. Jonathan does not run the family office. He's not involved in those investments. But he does run their Bitcoin grant program that's funded by that family office. So that's the Maelstrom.fund slash Bitcoin grant program. Then Farsight is Jonathan's own company. That's an investment management company for an equity fund. That's unrelated to Arthur Hayes and BitMEX. That is Jonathan's personal, Jonathan Beer's personal investment fund. And so he, since it was basically his Twitter account that he was running BitMEX Research, he just switched that to Farsight Insights. Boom, done. Those are the facts. Appreciate you, Jonathan. Jonathan's good people. I like him a lot. He's great people. And apparently he's a freak. Listen to RHR every week. So love to see him. We have the highest caliber audience. Only the best. In the world. Only the best. The writer dies. The true writer dies. Quality over quantity. He co-wrote the Block Size Wars book. Great book. Go read it. More relevant than ever. Yeah. The, uh... I mean, on that note, it's going to be... It's nine days till activation. Are you excited? I have not, no. Orange Surf made a great situation monitor dashboard. Bip 110.orange.surf slash live. Should we pull it up? What's going on? Pull it up. Bip 110.orange.surf. I didn't actually put it in the show notes. I'm, uh... I'm looking forward to getting on the other side of August. August 9th. Press watch the fork live. There you go. So right now, the trajectory looks like there will be a chain split. Anyone running Bip 110 nodes will be on a minority chain. Anyone who doesn't update or doesn't do anything will be on the heaviest chain regardless. Um... And we'll see how that all plays out. We shall see. We'll keep you guys impressed. Nine days. So that'll be... Next RHR will be probably like two days before it. So we can talk about it a little bit more. Is it at the next difficulty adjustment? Or is it just a block height trigger? Is that the next difficulty... I think it's probably the next difficulty adjustment. Block height 960, 282? 960, 282. Oh, no. That's the current block height. No. There's 1350 block height. Fork expected at 961, 632. 9, 6, 1, 3, 6, 2. No. It's not the next difficulty adjustment. That's mid-difficulty? I guess it's mid-difficulty epoch. Interesting. Could be wrong. I'm doing Marty math on the go here squinting at Clark's dashboard, which is on my small screen. What else do we have here? Moving down the list. We've got to keep this tight. Marty's got to travel. We've got to hop on a train at 3.30. Which means I've got to leave my house by 2.45. Strike launches beneficiary planning for Bitcoin inheritance. That's why we're covering on Rabbitoh recap. I mean, it's not the hugest new feature, but I think it's one that I've really wanted. And pretty excited about it. It's just, you know, historically, the majority flow of Strike users is self-custody Bitcoin. So they buy Bitcoin and then immediately withdraw, myself included. Since the loan product has been released, people are keeping larger and larger balances on Strike as collateral for their loans. You know, there's loans, you know, $10 million loans, right? Where people are keeping $20 million worth of collateral on Strike. And we needed a clean way to basically set up for the worst case scenario, right? Which is you go and get hit by a bus. What happens to the money? So now if you update your app, you just go into settings. You go to beneficiary planning. You can set your wife or whoever you want your heir to be. Super quick and easy process. You sign and then, God forbid, if something happens to you, the account can more gracefully be transferred over to whoever you designate. Love to see it. You love to see it. If you don't have Strike, use code RHR when you sign up. Strike.me. Go download the app, freaks. It's Clarity Act protects self-custody Bitcoin from abandoned property laws. Did you see this? I did. Our boy, Alex Thorne, highlighted that. Many have missed this great section added to Clarity, protection for self-custody coins. Yeah, it's a new section. Lost under abandoned property laws due to on-chain inactivity or dormancy with federal preemption over state laws as well. That's important for this Noah Doe case. Noah Doe wouldn't like to see. I mean, this is specifically... A reaction to... This may or may not specifically have been added for the Noah Doe case. Yeah. Which may or may not be Screlly on the opposite side of it. The... I mean, we talked about this a couple weeks ago, but I feel like the Noah Doe case... There's so much precedent of people moving coins of that era and proving that they're not really dormant and may not be abandoned. I feel like it would be hard to win, but who knows with New York. You don't want to... You don't want to trust the state of New York and their judiciary to... To... To rule. In a sense... You know what I wonder about this? Can you read the wording, the exact wording of the... Not a lawyer, but read the exact wording for us. In general, no digital asset lawfully held in self-custody shall be deemed abandoned, unclaimed, or subject to forfeiture, escheat, adverse possession, finder's title, or any similar property claim under any federal, state, or local law solely due to inactivity, dormancy, or lack of indication of interest by the owner. I think that's pretty short, sweet, and specific, so... I wonder if this will make life more difficult... By a side effect, make life more difficult for, you know, a sailor's desire for a quantum fork that seizes Satoshi's Bitcoin. Yeah. Hmm. Obviously, it's not a legal claim. No, I don't think... I mean, I think that would be different, right? If you're technically getting access to the private key in that case. No, you wouldn't. It'd be a soft fork. It'd be a soft fork that says... Oh. A bunch of UTXOs aren't spendable. Oh, yeah. Right? That may fall under that. I was assuming you were saying, like, use quantum to break the keys to move and do something with it. No, the whole idea, the early proposals for the quantum forks is any addresses that haven't upgraded get soft fork frozen. Which is effectively stealing them, in my opinion, right? Because if you remove them from the supply, then everyone else gets an increased percentage. I think it's kind of doublespeak to call it frozen. I would agree. I would agree there. It's definitely more provocative to call them stolen. You know, I don't know if that's exactly the right word or not. But it's kind of... I mean, I think it's just directionally fucked up to force people to upgrade. Otherwise, they'd lose their money. Yeah. I think that's a really bad precedent to set in Bitcoin land. You know, the fundamental value of Bitcoin is very strong property rights. And that would go against it. But I digress. I mean, while we're on the subject of the Clarity Act, I'm not sure if you saw this, Matt. But Secretary Scott Besson came out with a pretty strongly worded tweet. Strongly worded tweet. This day and age. Bessmerching the name of Democrats who are holding this up. But I think it's important because there is a section that pertains to the Blockchain Regulatory Clarity Act here. I'm not sure if you saw this yet. These same Democrats, many of whom have taken millions of dollars from the crypto industry, proclaim... He used AI for this. Look at these M-dashes. Proclaim that clarity lacks safeguards. You know, you're trying to hide it. And falls short in countering illicit finance. Nothing can be further from the truth. This titles 2 and 3 materially uplift regulatory and compliance obligations for digital asset intermediaries, placing them on similar footing with traditional financial institutions. The Blockchain Regulatory Clarity Act, which Washington lobbyists have spun up as a boogeyman for certain groups of prosecutors and law enforcement, does nothing other than codify longstanding Treasury Department policy. It's remained consistent across administrations. Non-custodial builders and developers are not and have never been subject to registration obligations under the Bank Secrecy Act. And at this point, major law enforcement trades that once opposed the bill, including the Fraternal Order of Police, have now endorsed it. So, interesting to see that Secretary Bessent felt compelled to include that in his tweet. And if you believe that, I think the samurai devs should be free. I think Roman Stirlinov's case should be thrown out the window if Clarity Act does pass. We need pardons and Roman Stirlinov. Not Roman Stirlinov, excuse me, Roman Storm. Roman Stirlinov should be free. Stirlinov too. Yeah. Stirlinov is the one who's being accused of running the centralized Bitcoin mixer, Bitcoin Fog. The other Romans are under fire for tornado cash. I mean, Stirlinov's case is extra bad. And they're all bad. It's a case of black box evidence that is... Well, they're claiming he's running the mixer, but after they arrested him, the mixer continued to run. And the only evidence they have is that he was a potential user of it, which he admits to, that he was a user of it, not that he runs it. Because by design, the way a centralized mixer works is you send Bitcoin and you get someone else's Bitcoin. So obviously every user is connected to it on chain. And then chain analysis used black box common input ownership heuristics to say, no, this is his Bitcoin. He used this to buy the domain. We have certainty on this. Supposedly, like there was... Yeah. I mean, he has Bitcoin that went from, I think, Kraken into Bitcoin Fog. But anyway, they should all be free. A lot of hypocrisy there. But do you think clarity is going to get passed? A lot of momentum. It seems. I mean, who knows if it's... I think it's just people making noise to try to create the momentum to get a pass. But what's the one of the polymarket outs at? Let's see. Any big movements? Let's see if insiders are going to market. The clarity act, polymarket. Clarity act signed into law in 2026. So by end of year, 25% by end of year. $3.3 million worth of volume. Significant volume. Track that. If there's any jump in probability, there's probably some insiders who believe that they have the word and they believe it's going to pass. It looks like it was as high as 80% at one point. That's wild. It was as high as 73% in May. 80% was February. We got a bunch of zaps in the ride or die chat in Noster, which you can find in your favorite Noster app, Primal, Wisp, Noster, Zap.Stream. We're all over the place. Primal.net slash RHR. Rhyr. Mav21. Ride or die freaks at 21,000 sats. No comment. Soap miners at 25,000 sats. Bitcoin is money. Use it as such. And if you go buy a soap, use code RHR for a significant discount. And I just had soap miner on Ciddle Dispatch. Definitely check that out. That was a fun rip. I really enjoyed it. I like the soap. We have sat signers zapped 21,212 sats. Palindrome boost. Stay humble. Sign sats. We have Paul in the jungle zapped 420 sats. He says, happy 420th episode. And we have Hummingbird, which is a film that Paul was instrumental in. And I had the pleasure of meeting the director. Zapped 21,000 sats. Have you watched Hummingbird yet? I have not yet. It's about Bitcoin jungle. I actually have a small, small role in it. But it's hummingbirdfilm.com. Check it out. You're in it. You haven't even watched the whole thing yet? No, bro. I need to though. It's a good reminder. I'll watch it. I'll watch it this weekend. If you go to hummingbirdfilm.com, you can watch the film there. Really cool. Cool story they're telling over there. A lot of people say, a lot of people are excited. This is episode 420. I didn't even realize, to be honest. Robot drawer in the YouTube chat. Marty in an Irish pub. I like that you're saying that my home office has the aesthetic of an Irish pub. It does have the aesthetic of an Irish pub. Especially with the final, final hat on. Thank you, freaks. Thank you, freaks, for contributing. The zaps keep them flowing. Moving down the list. Ventium announces new Bitcoin Fellowship Cycle and Fellows. Ventium is a Bitcoin accelerator based out of Brazil. They're focused specifically on Brazilian developers. It's run by Andre and Lucas. Great people. They're just giving an update on adapting the fellowship model and their new grantees. They got Johnny Santos working on P2 Pool V2. That's the centralized mining infrastructure. You love to see that. You got Chris G working on Floresta, Utrexo, and Project Sustainability. Those are two very important projects. You love to see it. I mean, look at these stats, right? Their second Bitcoin Dev Launchpad cohort. 322 applications. 23 developers selected for in-person residency. 12 were accepted as fellows. And two new grantees. There are so many different funding and support independent organizations focused around Bitcoin right now. They tend to be grouped together. Which makes sense to a degree. But also, many of these orgs have completely different goals and structures, right? So like OpenSats, for instance, we're very application-led, right? We're not telling people... We're not high-touch, right? You apply. If your application gets approved, you get Bitcoin. You've got a lot more structure to just really bring in these Brazilian developers and have them mature and become major contributors to the project, which is fantastic to see. I love what they're doing down there. And I had the pleasure of going down to Brazil for Lucas' conference, SatsConf. What a vibe. The city is incredibly impressive. Sao Paulo. How many bum-gias did you throw out when you were there? Dude, it's a huge city. It's almost like an Asian super city just in South America. And it's a completely different Bitcoin community. Very young, very vibrant, very excited. It's like a whole different world down there. Incredibly bullish. Bitcoin for everyone. We have our perspective over here in the West. Brazil has theirs. Many others have their perspectives. Also, if you've ever complained about traffic, the traffic there is so bad. I think it took like... We're in the car for like three hours to get from the hotel to the airport. And it wasn't that far of a drive. Next up on the list, I'm surprised you shared this. Jensen Huang's first ex-post. NVIDIA supports OpenAI models. This was the biggest news of the week. He saw you came back to Twitter and said, you know what, I can't... You think that's why Jensen did? Adele taking all the shine. I need to send my first tweet. What a banger first post. So Jensen came out in support of open-weight, open-source models. And basically brought the entire industry with him. Except for Anthropic. I think even OpenAI signed. Ultimately signed. Microsoft signed. I don't think they signed, but Sam Altman like quote tweeted. Like, I support this. But this was going to our earlier conversation that happened right before this post, right? So this post was Friday after RHR. And we were talking about a potential impending burdensome regulation and bans on open-weight, open-source models. And specifically what we're talking about is the incentive structure is really interesting here because there's a lot of very powerful, well-connected people that actually want to see open-source, open-weight models available and flourishing in the United States. And then we just got complete proof of it Friday into the weekend. It's like a who's who of heavy hitters came out in support of this. Elon was supporting it all over the place. Yeah. Microsoft. Like, it's rare you see Google came out in support of it. Rare you see those kind of heavy hitters, I think, come out on the side of freedom. It's fantastic to see. Yeah, John and I talked about it on Arnold Hold Recap on Monday on the 1031 show. If you think about it, I mean, open AI and Anthropic have all the incentive to keep this close source for obvious reasons. Regulatory moat. Yeah. But there's a ton of value to be created from, obviously, like NVIDIA, people selling the chips, but companies like Cloudflare, Salesforce. Like, there's the number of companies that could see a massive valuation bump from providing goods and services around the AI build-out and the adoption of the technology far exceeds these two companies. And so I think it's another interesting way and lens to be this. It's like some people may view Anthropics and OpenAI's ultimate success as existential to the U.S. dominating the AI adoption wave. But there's many other companies that could dominate as well. And so it's like, just don't succumb to the fear-mongering of, I would say, Anthropic more specifically. Yeah, I mean, Microsoft owns, what, 49% of OpenAI. And even they came out in support of it. NVIDIA obviously is selling a ton of chips to these frontier labs and actually financing a bunch of it. But I think this is just a beautiful example when incentives are just really aligned well on the freedom side is when we get big wins, right? And it's part of the reason why I was always so bullish on Bitcoin, right? Because it aligns. If you're greedy, it aligns the stakeholders in the system where they all want to see Bitcoin succeed because it benefits them. And this seems to be a similar but different situation with open models where if they flourish and proliferate, the powers that be benefit significantly from it. So it also helps the little guy. Yeah. Yeah. The, and I think more and more, I mean, it's existential for individuals and companies too, because I think, again, we've talked about this before, but more and more, I think particularly enterprise companies are becoming aware that giving their workflows and data to Anthropic and OpenAI is not the wisest decision. Because they'll just, they'll just incorporate the knowledge and the data that they get from those workflows and the proprietary information. And also just dependence, right? Yeah. Like even in the least malicious timeline, you're still, your company's future has, you have absolutely no agency over it. They can just, they can just jack up prices on you and you have no choice but to pay. Yeah. I'm looking for this one tweet. I saw it yesterday. Yeah. Here it is. Let me pull this up. Just to really like highlight. This is already a ball that's in motion and something that's happening. Old layman. It's old layman on X cover AI and robotics said, uh, should be obvious by now, but open AI and Anthropic are just going to keep cannibalizing all their biggest customers. It's simply too profitable for them to resist. And it's already happening. Figma partnered with Anthropic on AI design tools. Then Anthropic's product chief quit Figma's board. And three days later, Anthropic launched Claude design to compete with Figma. CEO Dylan Field said Anthropic was not consistently candid. Novo Nordisk, which is a, um, a biomedical company and pharma company uses Claude to help develop drugs. Now Anthropic is developing drugs of its own. Microsoft poured billions into open AI. Now open AI is building a jobs platform to compete with LinkedIn, reportedly a code repository to compete with GitHub. Microsoft owns both. Harvard uses Claude to sell AI contract analysis, due diligence, litigation tools. Now Anthropic sells those same workflows through Claude for legal. Intercom used open AI as real-time API to build fin voice. Now open AI sells its own voice and chat support agent through presence of bridge and ambience. Build clinical documentation products on open AI. Now open AI sells chat GBT for healthcare directly to hospitals with clinical documentation built in. Benchling uses Claude to power its biotech research and development platform. Now Anthropic sells its own scientific workbench through Claude Science. Frontier Lab playbook is simple. Sell their models to the world's most valuable businesses. Help wire them into those companies' most valuable and sensitive work. Map the business from the inside and find where AI can take over. Turn those capabilities into their own products. And become the customer's competitor. Pretty egregious when you read it out loud like that. Well, it seems like sanity is prevailing. Cautiously optimistic here. Accelerate. Stay bullish, freaks. Well, now we're getting to the Human Rights Foundation story of the week. So before we get to that, we'll read the top boost from last week's episode. Rabbit hole recap. 419. Freedom in the digital age. We've got many boosts to read here, or at least a couple. Pringle. We all know our girl Pringle Mac. She's going to be here week in and week out. 33,333 sats. We cannot stop laughing at Marty's childhood fishing story. So funny. Keep delivering high signal news. And of course, awesome dads. Because that's what really counts. You two are crushing it. RIP JCD. We have been sad and a little lost this week. Big love, Syl and Tony. Hard, hard, hard, hard. Big love to you too. Love it. We had a lot of cumulative smaller boosts from people, which is good to see too. Fishing trip went well. I caught a flounder. The boys didn't catch anything. They got the old dad joke. Did you rub it in their face? It was like a baby flounder. I felt bad for the fish actually. I had to throw it back and it got hooked pretty good. But yeah, the old dad joke. They don't call catching. They call it fishing, son. We learned a lot about fish. We had a good time. Good time on the boat. Got to lean into the dad jokes. Anything from the NASCAR? No. We got nothing over 21,000 sats. All right. So with that, we'll go to the Financial Freedom Report story of the week. Coming from Nigeria, where Tenubu establishes Virtual Asset Council. Nigerian President Bola Tinubu signed an executive order establishing a coordinated framework for the regulation of digital assets. The new Virtual Asset Council will be chaired by Central Bank of Nigeria. But the Nigerian Securities and Exchange Commission, Nigeria Revenue Service, and other financial and national security officials also involved. The Nigerian SEC will oversee virtual assets classified as securities, while the Central Bank will register payment, custody, settlement, and other non-security assets. For more stories. Like this and others, make sure you sign up for the Financial Freedom Report newsletter at financialfreedomreport.org. It seems like they're trying to pave the way to make people use, allow people to. To me, this reads like there's a – first of all, Nigeria is a huge country population-wise. It's – New Jersey of the world. It's the most densely populated country. Over 240 million people, if you believe official population numbers. I feel like we just always have to do that caveat now. That my eyes have been opened on the potential fake numbers. And some estimates say that over 20 million Nigerians are using Bitcoin and other cryptocurrencies right now. It's hard to measure. And so I feel like this is trying to bring in kind of a surveillance and control regime. They know they can't stop people from using it. So if they can regulate it in a way that they can surveil it and track it and control it better and put people in jail, that feels like what's happening here. But we'll see. Tagging bag. Tagging bag, baby. People loving Citadel Wire in the YouTube chat. Shout out to Fibba Swanee. Thank you, sir. I'm glad you find it helpful. Citadelwire.com. Check it out. Calling it badass. Badass. Da-da-da-da. All right, on to software update discussion here. Sparrow Wallet version 2.5.3 has been released with ERA hardware wallet support, XDG directories, and PSBT verification. Pretty big update there. What's an ERA hardware wallet? I think it's a specific hardware wallet. It's like a new one that we haven't heard of. I mean, he supports a ton of hardware. And it's not just good ones. The ERA hardware wallet. ERA. Never heard of it. But yeah, it's a specific device. It looks like it's got an ink screen. He just, you know, Sparrow is just such a powerful software package. And I think it's important that you have this one open source software wallet that just you can use with almost anything. Mix and match, multi-sig, single-sig, different hardware, hot wallet, cold wallet. Use your own node. Use someone else's node. Smart coin selection. Remember, Freaks, there's no Sparrow wallet on mobile. There are scam wallets that pretend to be. The only real Sparrow wallet is at sparrowwallet.com. He has a lot of great guides there. And he shows you how you can verify that you have downloaded the correct version. I think I saw this week that there's some class actions coming to Apple around the fake iOS. It's a real mess. It's a real mess. Just third parties or security holes. I see Struggers in the Nostra live chat zapped 21,000 sets. He says, cheers, gents. Cheers to you, sir. Thank you. Cheers, Struggers. What a name. Love that name. Moving down the list, Vexel version 1.45.1 has been released with performance improvements and BCF contact backup. Check it out if you're using Vexel. Amethyst version 1.13.0 has been released with NAPLIT slash N-Site browser host, Cashew CLI support, NIP22 comments, and Tor Onion location. Pretty big up. A lot of other things. Kitchen sink of an app. Huge shout out to Vitter. For his work on Amethyst. Dude, Nostra's having a week, man. I think Buzz. I'm not sure if you've been watching Vinny, the developer who's done some demos on Buzz. He went on Greg Eisenberg's show. I saw he was with that other AI influencer. I forget his name. It's escaping me right now. Actually, I recorded with him yesterday. It's coming out on Saturday. But he's been doing a good job of highlighting the value of Nostra within Buzz to, I wouldn't say normie audiences, but audiences that are not aware of Nostra and understand the profound nature of distributed communications protocol. As we said, for many years, we said last week, the social media applications of Nostra are just the tip of the iceberg. And there are many ways to build clients, many ways to incorporate the primitives of the protocol to do cool things. And I think Buzz has really proven that. Love to see it. It's all coming together. Yeah, I mean, the key thing here is it's awesome because it doesn't require fighting an established network effect. Like if you are running a company and your company is currently using Slack and you tell all your employees they have to use Buzz, it's immediately useful. It's just like you don't have to try and convince, you know, 200 million people, 500 million people to switch over to a new social media. Yeah. Yeah. And I mean, I think it's particularly useful. And I mean, you pointed out my comments, like right now you're pointing your, your instance at blocks Nostra relay with unencrypted messaging. So they have access to that, but you can easily spin up a relay in the server and point it at that. And once you do that, you have privacy. And then I think the big unlock is this context buildup from the cryptographically signed events that it really has access to. I mean, to be clear, that's not a different trust model than companies that are already using Slack. Yeah. But, you know, I think if there's, if, if there's credence to there being value in this concept of a company brain, right? So like agents trained on your company's data and building up training over time and getting more competent, then I would, it stands to reason that you should protect that by not sharing it with people. So this is just how I'm thinking about it right now. Yeah. Have you used it yet? Briefly, not, not enough to, I think it's, it's a really cool concept. I like the, someone put it really well. That is the first multiplayer harness. And so I'm actually kind of curious in a lot of the ways how like open claw changed how people think about harnesses. And then we saw a lot of external development that happened along those lines. It should be interesting to see, you know, what this accelerates. Cause the concept of me talking to your agents or our agents talking together or them all, you know, working together is, is, is fundamentally different. And it makes sense to me. Right. It's like logically makes sense. That's where we're going. Yeah. No, it's been fun. They still have some, uh, they released version 0.5.0 earlier this week. I updated it and there's still bugs around like, so I, the tweet that you responded to, like I connected my Hermes agent with our company brain, which is running in a VPS. But like to do that, you run buzz locally on your computer. And then I had to run Hermes desktop locally at my computer. But then I had to SSH into my Hermes agent in the cloud to my local desktop and then connect it to buzz locally. And so like, I can talk to my agent in buzz right now, but the way that I've set it up since my agents in the cloud, nobody else on the team can talk to Martin. Um, so they have to fix that bug, but like, yeah, I just, I created a bunch of agents in there and just as like, and so like, we do have like a bit of isolation where if I tell Martin in buzz, like work on a certain thing, uh, a certain aspect of the business. So just bring that context in. Um, but I, I saw him do like a 45 minute loop with three of the agents, like running through something. And it was just like fascinating to watch play out. It was actually like a pretty good output too. And so I think the, the multiplayer harness is a great description for it. Like once you get the whole team interacting and their agents interacting, it's going to be incredibly powerful. And then if you can easily out of the box, set up your own relay connected and have those privacy assurances. Um, and then the shared compute aspect as well. The shared compute aspect is awesome. By the way, when the shared, when they first, so I think part of what's cool here is yes, everything is rough around its edges, but I like the idea of shipping in the open and then iterating, right? Just getting it out there and, and then, and then moving forward with it. And they're shipping very quickly. They just got the mobile apps out. But when they announced mesh LLM, um, and open sourced it at first, I looked at it and I was like, this is a cool concept, right? It's like you have compute and I'm running, let's say I'm running a model on, on, on my local computer. Let's say I'm running like a $10,000 Mac studio and me and you are coworkers and you want to use my Gemma instance or whatever. Um, mesh LLM uses Noster to authenticate and handle that process. But there was no payment component built into it. And I was like, how is there no payment? Like, I'm gonna just, I'm gonna spend money obviously to run this thing, not just energy, but also the actual machine itself. I'm just gonna release it out into the public for anyone to connect to. And it made no real sense, but I mean, it made, it made a little bit of sense, but it didn't, it felt like there was a missing piece there. Right. Right. But implementing a payment system is, is makes the whole thing much more complex. But in this situation, you actually don't need a payment system because if you're in a like trusted coworker style environment, like, of course, you're going to share your computer cross. Right. I mean, in, in, in a block situation, for instance, most of those computers are bought by the company. They're all owned by the same company to begin with. So in that situation, you can imagine, you know, maybe some of their top tier engineers have $20,000, $50,000 machines. And if you're like a lowly salesperson, you're just running a MacBook air, but you're able to just go into buzz and just hit, hit their model. Instead of going to a cloud model. Pretty cool. Just all coming together. When you said like the payments hard to add, but like, couldn't they like incorporate roster or something? Yeah. It just adds a level of complexity. I mean, if you wanted to, probably the, probably the best way to do it would be something with, with like locked e-cash. And then someone's running a mint and then you have to have mint UX and whatnot. Right. If, if you're in an environment where you want to give it to free, it's just strictly simpler system. Yeah. Yeah. It's a beautiful thing. It's so cool to see unfold. And again, a reason to be bullish, like the pace of development around these open harnesses that really make, uh, open source models and shared compute first class citizens. Uh, it's good to see moving in the right direction. Uh, moving on to the next software update, Blitz wallet, Android version 0.7.14 has been released with faster payments, transaction filtering by description and simplified UI. And I have to admit, I downloaded Blitz wallet for the first time last week. He used a really simple recording. It's so easy. It's a, I forget his name. Um, I should remember. He's a young kid. Um, open sets supports him or supported him with a grant. I don't know if he's still, still on a grant. And he did do the pitch competition where I was a judge for, uh, in Lugano. It's a Blake. Yes. Yes. There you go. And he's just impressive. He's impressive. He's thinking about, you know, just trying to make the UX very user friendly, but still powerful. Um, and I, the wallet is great. I'm, I'm impressed. And they ship, they ship very quickly. Yeah. Let's go check it out. If you download, if you're using Blitz Android specifically, um, big news out of the week, Cali is becoming a main character. Have you noticed this? Have you noticed the story arc of Carrie of Cali? Carrie. I have noticed. I think he's been a main character for a while. So I named this episode accelerate. And the reason I did was twofold. It was the Jensen story. Um, and then, you know, with, with all the heavy hitters coming out for open models. And then the second piece was what is, what has been ongoing with BitChat this week? And it all started with India, um, which is a very, has shown to be a very oppressive government in terms of freedom on the internet, uh, has, uh, reached, tried to, went through GitHub to, to ban BitChat from GitHub. And so it all started with the takedown request to GitHub in India specifically, uh, for the BitChat project. And if you guys remember the BitChat project is, was started by Dorsey. I think it was like basically like a vibe coded weekend project on iOS. And then Cali picked up the reins and vibed a Android client that was interoperable. So that was what started all of this. And then since then, I mean, look at the stories I have on the list. It's just back to back to back, accelerate, make this thing as hard to stop as possible. Yeah. And so, I mean, looking, you can pull these up in a, in a regimented fashion, but BitChat enabled offline self-transfer to other Android phones this week. So like, instead of going to, um, to GitHub or finding the app store, you can literally just pass the files along the Android using. So you imagine you're in a protest, you're in a protest and only one person has downloaded BitChat. And at that, because there's a protest, they ban BitChat on the app store, they ban it from GitHub. Well, that one person can then just send the APK around through the mesh and then people can install it. Yeah. And that obviously isn't using BitChat because if it was, it wouldn't work because the person that's receiving it doesn't have BitChat yet. Um, so it uses like Android. It's peer to peer share file thing. Dope. Next BitChat coming to smartwatches as a decentralized mesh walkie talkie, which is insane. And the cool part here, by the way, is this is not a companion app. This is a full fledged BitChat client on the watch itself. So you don't even have to have your phone on you. You could just have a watch with BitChat on it. Yeah. And then you don't have it on the list, but Logan, I'll give this to you. Callie shared it. Earlier this week, it is incredible how these attempts to curb these apps just end up being a complete. Well, there's a next one on the list real quick. Do you have it there? Did I put it on the list, right? The Laura mesh? Biddle open source CSP 32 mesh relay for off-grid the chat. Yeah. Yeah. Yeah. It's on the list. Yeah. That's what you're talking about? No, not that. So pull up the Biddle. So this is something. So Laura is another mesh project that has been around for a while before BitChat that the whole design of it is low cost, constant running relays effectively. And so now there's a protocol to bridge between the two. So you can imagine people and there's like, I don't know if this looks like an AI generated photo to me, but you could, you could imagine people stringing these up to expand BitChat range. So that it's not just bouncing off of phones, it could be bouncing off these low, these low power, low cost devices that are just running effectively 24 seven and expanding range for BitChat, which I think is pretty cool. Do you think that's AI generated? It kind of looks like it, doesn't it? I mean, all the words are very clear. Look how like easy it is to view the screen on like phone. Yeah. It's like definitely AI generated. Maybe AI enhanced out of there. But look and pull it up too. I mean, you can go back to my phone. Just like a random tree. Look at the, look at the, the zip ties. Yeah. But yeah, we are definitely reaching, we've reached the value value on there. The AI fakes are just so good. You just have to assume everything is, is AI now. Yeah. And operate accordingly, especially anyone who posts something like a really long SAI. You just gotta, you just assume it's AI. Even the treasury of, uh, the secretary of the treasury. And dash is secretary of the cent. You know, you know, you're going to get those out. Um, but look and pull up the tweet I just put in there. Like if you just look at the Streisand effect. Wow. The growth of, uh, bit chat Android within India. Once, once this new set. Pretty miraculous. The crazy part is this is just, I think this is the app store. Yeah. This is like the play store. So like India went, went to get out, but they didn't go to Google and take it off the app store. Uh, which just reeks of incompetence, but. Well, shout out to Cali. He told, he told GitHub to fuck off too. And then a bunch of clones popped on GitHub. What is the, uh, the distributed GitHub competitor? Reticle, I think it's called. Yeah. Reticle. People are. There's a bunch of them. Um, and get it's on the Nostra version of GitHub, which Buzz also has integrated. Accelerate. Accelerate is right. All coming together. Russia looking to accelerate, uh, accelerate, uh, getting access to Telegram. Uh, Russia charges Telegram founder, Pavel Durov with facilitating terrorism. Read the whole title. He gives Moscow the finger. He literally. Out of the. Did you see the, the, uh, Twitter account for Telegram? They literally just, their response was. A little finger. Getting the finger. Yeah. Fighting back. He just made his first personal post that I saw about it right before he went live. Um, and he says, yeah, Russia has designated me as a terrorist in quotes for refusing its demands for mass surveillance and censorship on Telegram. Under Russian law, I'm banned from publishing information on the internet. Russian officials are clearly confused about who can ban whom from the internet. And supposedly this is around the Ukrainian military using, allegedly using Telegram to coordinate attacks and Russia asking him to, uh, ban them and him not complying. Um, it's like, this, these two stories, Callie sticking up to GitHub, Pavel and Telegram sticking up to Russia. Like we are, I mean, this is, we were, do you want to call the sovereign individual age or many people call it like the, the technocrats taking over the reins of control? Like this is the type of things you will see where it's like software is stronger than, than states in many aspects. And, um, the network effect of these softwares is such that the users value the, the technology that they probably side with the tech founders over, over the governments. Like we're getting to that, that point. Wild. Wild. It is. Accelerate. We live in the best timeline. Last thing we have on the list is Colorado's new restrictive process for buying. Did you see this? Semi auto firearms. No, I did not. But this has been a growing trend. Look at the top comment. Colorado has fallen. Colorado has fallen. So, so you want to buy a semi auto firearm with a detachable magazine. It's just a regular gun. It's just a regular gun. Yeah. It's like a clock. Yeah. After August 1st. A gun that you, you pull the trigger and it fires. This is not an, this is not a, an automatic detachable magazine. That's standard. Yeah. It's a normal gun. So here's what you'll need to do. Register in the state's new system, find and pay a place to conduct a special name based background check, even though there is no statewide vendor network and many sheriffs do not know where to send you. Bring your results of the background check in your government ID to the sheriff pay Colorado to parks and wildlife $52. Currently a $1,212. Pay the sheriff another fee and wait for an eligibility card. Find a state approved instructor to take a class and pay $200 to $500. Give up 12 hours over at least two separate days. Pass the government's exam with a 90%. Wait for your result to be entered into the database. Finally, go to a gun store and have the dealer verify you in the database. Pay the taxes, including Colorado, six and a half percent excise tax. And then wait three days before taking the firearm home. Oh, and did I mention that most of it isn't set up and ready to go yet? I can't tell you how many people are just now finding out about this. They've asked me what they can do to stop it. My answer is they should have helped us fight last year. We were desperately asking people for help. This is from Ava Flannell, who's a state house representative in Colorado. Damn, Colorado has fallen. Pretty crazy. So they just can't buy guns anymore? That goes into effect in two days. I mean, this is a classic. I mean, in most places in the world, you can't buy guns. But America is the exception. It's our God given right. But this is a common tactic of the gun grabbers, right? Is you just make it really, really difficult to the point where most people either can't get them or won't get them. Yeah. And then usually this stuff gets fought in courts. But I will say in general, if you're considering, you know, where you might want to raise your family and build your businesses in America, burdensome gun regulation is usually a good canary in the coal mine for where a particular jurisdiction is heading or already at. And I think this is really, I mean, it's horrible to see this. Like Colorado is, you know, I love Colorado. It's a great state. Great people, beautiful, historically has had pretty good laws, but it's gotten significantly worse. And we have a lot of freaks out there. So it's at the state in the Midwest or the Rockies. Probably. Yeah, or that'd be dude. It's just popular. You just go by population. It's like wherever the populations, the densest is usually the worst. But that's why the Northeast is so fucked. That's why California is so fucked. It's like the core principles is population density. But, but the other reason I put this there, even though, you know, it's like kind of, I consider guns freedom tech. So I don't think it's that off topic, but that goes into effect in two days. So if you live in Colorado, plan accordingly. Load up. Load up. Yeah. Pun intended. All right. I got to get going here soon, but getting a little birdie in my DMs talking about the effects of the Iran war on domestic fertilizer refineries here in the US. Apparently, refineries are beginning to cut hours and delaying the inevitable of having to furlough and lay people off because the refineries went from charging $200 per ton to $1,400 per ton since the Iran war started. And now people are just shipping their fertilizer in from Morocco, apparently. So, a little knock on effect of Iran war. Yeah. A lot of knock on effects. Two weeks to stop the spread. War keeps on going over there. On that note, that actually reminded me of a story that my clankers at Citadel Wire picked up this week that is not on a lot of people's radar was this coordinated cyber attack that hit more than 30 Minnesota water systems. And there's not that many details out on it right now. But there is speculation that it's Iranian linked, which could be a false flag or it could actually be real. I mean, I think our systems, our infrastructure is incredibly vulnerable to people that are paying attention. That ties into the open weight models, too. Like, we should be allowing these open weight models. We should be unleashing Fable and ChatGBT 5.6 and using them as defensive. Like, get them in the hands of these water systems, the grid systems, like have them audit their systems. It'll be like a short-term rough patch, but ultimately we'll be stronger for it. Yeah. Accelerate. Accelerate. Lean in. Perfect name for episode 420. There we go. All right. I'm going to shower and then hop on the train. Love your freaks. Stay humble, stack sides. Peace and love. Okay. See you. Bye.